It has been three years since the Model S was initially announced, but Tesla is finally ready to start sending its all-aluminum electric sedan to the buyers. The Model S has 10,000 reservations so far, where each customer had to pay $5,000 to reserve the vehicle.

The Model S comes in three different versions, with 40 kWh, 60 kWh or 85 kWh battery packs. The lower-end 40 kWh base model will sell for $57,400 while the higher-end model will sell for $105,400. The Model S is eligible for the $7,500 federal electric tax credit as well.

Just last week, it was reported that the 85 kWh model could earn a 265-mile driving range window sticker rating from the EPA, which would put the Model S far ahead of the electric competition.

The Model S is currently being produced in a retrofitted area of a former General Motors and Toyota venture in Fremont, California. Tesla Motors received $465 million in federal loans from the U.S. Department of Energy in order to retrofit the factory and develop the Model S. So far, Tesla has used about $360 million of that loan.

The Model S couldn't have come at a better time, considering the fact that Tesla Motors has reported losses of over $500 million since 2009. Up until now, Tesla has only released its high-end $109,000 Roadster.

Despite these losses, the Model S is coming to the rescue. With news of the Model S arriving ahead of schedule earlier this month, Tesla stock jumped 10 percent. The automaker expects the Model S to help bump its annual revenue estimate to $560 million to $600 million USD, which is about $175 million per quarter. This is about six times its current revenue.

In afternoon trading on Tuesday, Tesla shares were up more than 8 percent at $31.09. It is currently up about 14 percent since January 2012.

The next step for Tesla will be to release the Model X, which is a full-sized battery electric crossover sport utility vehicle that will start production by the end of 2013.